Smith is there to try to reach Fox viewers I’m pretty sure. It’s not rare for him to go on a psuedo-rant about something Hannity has been blatantly lying about and laying out the facts of the issue in an easy to understand manner.
Wallace. No idea. Probably something similar. Or maybe he enjoys being one of the few actual people out there on TV regularly that says actual conservative things instead of blindly towing the party line.